Back to announcement
20240307_MORA_Laporan Hasil Pemeringkatan_31594640_lamp1.pdf
Other Text extracted MORASource file signed link, expires in 15 minutes
Extracted text 2
Page 1
Rating Summary
March 5, 2024
PT Mora Telematika Indonesia Tbk
Credit Rating(s) PT Mora Telematika Indonesia Tbk (Moratel) rated idA+ with stable outlook
General Obligation (GO) idA+/Stable
SR Sukuk Ijarah I idA+(sy) PEFINDO has also affirmed idA+(sy) for the Company’s Shelf Registered Sukuk Ijarah I
SR Sukuk Ijarah II idA+(sy) and Shelf Registered Sukuk Ijarah II. The rating reflects Moratel’s strong market
position, stable cash flow from the Palapa Ring West and East packages, as well as
diversified customers and services. However, the rating is constrained by its intense
competition within fixed broadband industry, and regulatory risk related to network
expansion.
Rating Period The rating may be raised if Moratel significantly improves its capital structure on a
March 4, 2024 – March 1, 2025 sustained basis, and if its retail and enterprise expansion as well as further
development of its Rising 8 projects are well executed with significant cash flows that
Published Rating History exceed projections. In contrast, the rating may be lowered if Moratel’s revenue or
MAR 2023 idA+/Stable EBITDA are significantly below targets, or the Company incurs higher-than-projected-
MAR 2022 idA+/Stable debt-funded capex.
MAR 2019 - MAR 2020 idA/Stable
Moratel is a telecommunications infrastructure and service provider. As of September
30, 2023, its shareholders consisted of PT Candrakarya Multikreasi (40.83%), PT Gema
Lintas Benua (30.17%), PT Smart Telecom (18.32%), and public (10.68%).
Rating Definition Financial Highlights
A syariah based financing instrument rated idA(sy) As of/for the year ended Sep-2023 Dec-2022 Dec-2021 Dec-2020
indicates that the issuer’s capacity to meet its long-
Consolidated Figure (Unaudited) (Audited) (Audited) (Audited)
term financial commitments under the syariah
Total adjusted assets [IDR bn] 15,139.2 14,908.9 14,558.0 13,394.8
financing contract, relative to other Indonesian issuers,
Total adjusted debt [IDR bn] 6,644.3 6,737.3 7,896.2 8,049.8
is strong. However, it is somewhat more susceptible
to adverse effects of changes in circumstances and Total adjusted equity [IDR bn] 6,800.7 6,228.6 4,551.0 3,206.7
economic conditions than higher-rated instruments. Total sales [IDR bn] 3,344.7 4,647.7 4,180.1 3,765.7
The plus (+) sign indicates that the rating is relatively EBITDA [IDR bn] 1,744.8 2,199.1 2,042.6 1,901.4
strong within its category. Net income after MI [IDR bn] 488.6 579.5 578.9 578.0
EBITDA margin [%] 52.2 47.3 48.9 50.5
Adjusted debt/EBITDA [X] *2.9 3.1 3.9 4.2
Adjusted debt/adjusted equity [X] 1.0 1.1 1.7 2.5
FFO/adjusted debt [%] *21.4 18.4 14.0 11.8
EBITDA/IFCCI [X] 3.5 2.8 2.5 2.2
USD exchange rate [IDR/USD] 15,526 15,731 14,269 14,105
FFO = EBITDA – IFCCI + Interest Income – Current Tax Expense
EBITDA = Operating Profit + Depreciation Expense + Amortization Expense
Contact Analysts: IFCCI = Gross Interest Expense + Other Financial Charges + Capitalized Interest; (FX Loss not included)
MI= Minority Interest *annualized
ayuningtyas.np@pefindo.co.id
martin.pandiangan@pefindo.co.id The above ratios have been computed based on information from the company and published accounts. Where applicable, some items have
been reclassified according to PEFINDO’s definitions.
http://www.pefindo.com March 2024
Page 2
Rating Summary
March 5, 2024
DISCLAIMER
The rating contained in this report or publication is the opinion of PT Pemeringkat Efek Indonesia (PEFINDO) given based on the rating result on the date the rating
was made. The rating is a forward-looking opinion regarding the rated party’s capability to meet its financial obligations fully and on time, based on assumptions
made at the time of rating. The rating is not a recommendation for investors to make investment decisions (whether the decision is to buy, sell, or hold any debt
securities based on or related to the rating or other investment decisions) and/or an opinion on the fairness value of debt securities and/or the value of the entity
assigned a rating by PEFINDO. All the data and information needed in the rating process are obtained from the party requesting the rating, which are considered
reliable in conveying the accuracy and correctness of the data and information, as well as from other sources deemed reliable. PEFINDO does not conduct audits,
due diligence, or independent verifications of every information and data received and used as basis in the rating process. PEFINDO does not take any responsibility
for the truth, completeness, timeliness, and accuracy of the information and data referred to. The accuracy and correctness of the information and data are fully the
responsibility of the parties providing them. PEFINDO and every of its member of the Board of Directors, Commissioners, Shareholders and Employees are not
responsible to any party for losses, costs and expenses suffered or that arise as a result of the use of the contents and/or information in this rating report or publication,
either directly or indirectly. PEFINDO generally receives fees for its rating services from parties who request the ratings, and PEFINDO discloses its rating fees prior to
the rating assignment. PEFINDO has a commitment in the form of policies and procedures to maintain objectivity, integrity, and independence in the rating process.
PEFINDO also has a “Code of Conduct” to avoid conflicts of interest in the rating process. Ratings may change in the future due to events that were not anticipated
at the time they were first assigned. PEFINDO has the right to withdraw ratings if the data and information received are determined to be inadequate and/or the rated
company does not fulfill its obligations to PEFINDO. For ratings that received approval for publication from the rated party, PEFINDO has the right to publish the
ratings and analysis in its reports or publication, and publish the results of the review of the published ratings, both periodically and specifically in case there are
material facts or important events that could affect the previous ratings. Reproduction of the contents of this publication, in full or in part, requires written approval
from PEFINDO. PEFINDO is not responsible for publications by other parties of contents related to the ratings given by PEFINDO.
http://www.pefindo.com March 2024
Names mentioned 5 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Candrakarya Multikreasi
p.1
unresolved
org
PT Pemeringkat Efek Indonesia
p.2
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.